Tribune Publishing’s Board Unanimously Rejects Gannett’s Unsolicited Proposal
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Gannett (GCI) Issues Response to Tribune (TPUB); Says Analysis About Rejection Should be Released to Shareholders
May 5, 2016 7:42 AM EDTGannett Co., Inc. (NYSE: GCI) commented on Tribune Publishing Companys (NYSE: TPUB) May 4, 2016 rejection of Gannetts highly compelling, all-cash premium proposal to acquire the entire Tribune company for $12.25 per share.
The purportedly comparable trading values and comparable acquisition multiples presented in the Tribune rejection letter on May 4, 2016 are misleading because they are based on inappropriate selections of public companies and transactions. If Tribunes Board and advisors view Gannetts $12.25 per share proposal to be undervalued, the Tribune Board should release its analysis to Tribune... More
